HomeMy WebLinkAboutR-11501 approving the Fiscal Year 2024-25 BudgetR 11501
RESOLUTION NO. 11501 (2024 SERIES)
A RESOLUTION OF THE COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, ADOPTING THE FISCAL YEAR 2024-25
BUDGET
WHEREAS, in accordance with San Luis Obispo Charter Section 802, the City
Manager has submitted the 2023-25 Financial Plan to the Council for review and
consideration consistent with established budget and fiscal policies; and
WHEREAS, the City Council adopted the 2023-25 Financial Plan on June 6, 2023,
and appropriated the budget for 2023-24; and
WHEREAS, pursuant to Section 804 of the City Charter, the City Council must
adopt the 2024-25 Budget by June 30, 2024 in order for the appropriations to be in place
when the 2024-25 fiscal year begins on July 1, 2024; and
WHEREAS, California voters approved the Gann Spending-Limitation Initiative on
November 6, 1979 and Proposition 111 on June 5, 1990, which establish and define
annual appropriation limits on state and local government agencies; and
WHEREAS, the California Government Code requires that the governing body of
each local agency establish its appropriations limit and annual factors by resolution; and
WHEREAS, the San Luis Obispo Repertory Theatre (“SLO REP”) provides
valuable artistic and cultural programming to our community and thereby contributes to
economic activity; and
WHEREAS, the City has already committed funds to assist SLO REP in building a
new facility in the Cultural Arts District; and
WHEREAS, inflation has driven up the expected cost to build the theater and SLO
REP’s available funding, including the City’s previous contributions, is insufficient to
complete construction; and
WHEREAS, at the June 4, 2024 public hearing, City Council considered SLO
REP’s request for additional funding to complete construction and directed staff to amend
the SLO REP grant agreement to provide for the requested additional funding.
NOW, THEREFORE, BE IT RESOLVED, by the Council of the City of San Luis
Obispo as follows:
SECTION 1. The 2024-25 Financial Plan Supplement and budget is hereby
approved and that the operating, debt service, and capital improvement plan budget for
the fiscal year beginning July 1, 2024 and ending June 30, 2025 is hereby appropriated
as presented in the 2023-25 Financial Plan Supplement – 2024-25 Budget.
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Resolution No. 11501 (2024 Series) Page 2
R 11501
SECTION 2. The City’s appropriation limit and annual adjustment factors for
fiscal year 2024-25 are adopted as follows:
SECTION 3. The City commits to contributing up to an additional $2,760,000 to
SLO REP pursuant to an amended grant agreement to fund the construction of a new
theater facility in the Cultural Arts District with funding from the City’s Infrastructure
Investment Fund.
Upon motion of Council Member Marx, seconded by Council Member Francis, and
on the following roll call vote:
AYES: Council Member Francis, Marx, Vice Mayor Pease, and Mayor
Stewart
NOES: Council Member Shoresman
ABSENT: None
The foregoing resolution was adopted this 4th day of June 2024.
______________________________
Mayor Erica A. Stewart
ATTEST:
Teresa Purrington, City Clerk
APPROVED:
J. Christine Dietrick, City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of San Luis Obispo, California, on ______________________.
________________________________
Teresa Purrington, City Clerk
Appropriations Limit 2023-24 $90,839,932
Cost of Living Increase 1.04%
Population Factor: City Population Growth 1.01%
Compounded Percentage Factor (multiplicative not additive) 1.05%
Appropriations Limit 2024-25 $94,976,973
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6/11/2024 | 11:12 AM PDT